CASSOPOLIS, Mich.—ICM Silicones Group and CHT Group are about to take the next step in silicone compounding.
The firms will combine to make a significant Tier 2 player in the silicones space now that CHT finalized a deal to acquire ICM and its group companies, including QSi and ACC, from its private equity owner Century Park Capital Partners.
The deal was finalized Aug. 24. Financial details were not disclosed, however ICM CEO Levi Cottington said the ICM Group combined for about $70 million in global sales with more than 160 employees worldwide.
"This is probably one of the best fits that I've ever seen," he said. "If you look at CHT's map, they had very little presence in the U.S. and now they have access in a big way to the U.S. market. They can funnel into the U.S. in a very effective way and on top of that they get a different technology base from ICM Silicones Group. There is very little overlap, so the fit is perfect."
ICM has been preparing for a move like this for the last few years under the ownership of Century Park Capital. Cottington said the private equity firm's goal was to lay the foundation for growth through strategic investments. And ultimately it's paid off.